Chain bookshops closing at higher rate in 2024 but in-store shopping remains popular, PwC data reveals

Chain bookshops have been closing at a slightly higher rate than last year in the first half of 2024, with 15 new bookshops opening and 41 stores closing, leading to a net closure rate of 26 – up from 18 during the same period in 2023.

Data collected by the real estate research and advisory firm Green Street and analysed by PwC showed that chain bookshops ranked 30th out of 100 categories in terms of the most closures on British high streets. This does not include data on independent bookshops.

Despite the dip in numbers, bookstores continue to outperform various other retailers, as customers still value the in-store shopping experience provided by bookshops.

Kien Tan, senior retail adviser at PwC UK, told The Bookseller: "Chain bookstore numbers have been broadly stable over the last decade. While this half year’s number is a slight increase in net closures from 18 in the first half of 2023, it is lower than the pandemic peak of 31 net closures in 2021, and much lower than other specialist retail categories like sports and outdoor or electricals retailing, which have been more affected by the shift to buying online.”

The uptick in closures could in part be attributed to branches merging to cut costs. It is also in line with analysts’ expectations given the prevalence of online shopping, according to PwC.

Tan added: "While there have been chain bookstore closures, they are often a result of consolidation of branches."

Tan explained that this is a rising trend seen “across larger successful retailers” that close small stores in UK cities for “destination stores”.

This approach is likely to continue being popular among retailers, in line with customer shopping habits and the high costs associated with running stores.

"Given the cost of operating physical retail outlets and shopper footfall favouring the most attractive shopping destinations,” Tan said, “this is a trend we expect to continue going forward, both being commercially better for operators and providing a more attractive proposition and shopping environment for customers."